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Hydrogen Economy

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Definition:
A vision of an economic system that relies on hydrogen as a major energy carrier, replacing fossil fuels in various applications.

Key Components:

  • Renewable Hydrogen Production: Scaling green hydrogen as a primary fuel source.
  • Infrastructure Development: Building storage, transport, and distribution networks.
  • Market Adoption: Promoting hydrogen use in industrial, transportation, and power sectors.

Use Cases/Industries:

  • Power Generation: Using hydrogen for clean electricity production.
  • Heavy Industry: Decarbonizing steel, cement, and chemical manufacturing.
  • Global Trade: Exporting hydrogen as an energy commodity.

Advantages:

  • Decarbonization Potential: Reduces reliance on fossil fuels and mitigates climate change.
  • Energy Security: Provides alternative energy sources to diversify supply chains.

Challenges:

  • High Initial Costs: Requires massive investments in production, storage, and infrastructure.
  • Technological Maturity: Some hydrogen technologies are still in early stages of commercialization.

Related Terms:
Clean Energy Transition, Hydrogen Infrastructure, Green Hydrogen

Example:
The European Union’s hydrogen strategy aims to invest $500 billion in hydrogen infrastructure by 2050, supporting a clean hydrogen economy.

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Synonyms:
Hydrogen-Based Economy, Low-Carbon Energy Economy
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